China unveils new details of Silk Road plan

China plans to build a 21st Century Silk Road connecting Asia with Europe and Africa. And the government has unveiled a new action plan that details the principles, frameworks, and cooperation priorities.

The new action plan lays out five priorities for promoting integration among countries covered by the Belt and Road Initiatives, which include coordination in the public, business and cultural sectors. The initiatives were welcomed by participants in the just concluded Boao Forum in Asia in Hainan province.

"The plan proposes building better connectivity in infrastructure projects among regions. Projects that fall into this category include key passageways and road and telecommunications networks. The plan also calls for more energy infrastructure construction with the cross-border oil and gas pipelines working to secure energy safety for the region," said APCO Worldwide's chairman Margery Kraus.

As well as major tasks such as reducing trade and investment barriers, one of the key focuses is closer financial cooperation among Silk Road economies.

The plan says countries should put more effort in building stable systems for currencies, investment and financing. The plan also aims to expand bilateral currency swaps and strengthen financial regulation cooperation.

Hong Kong Chief Executive Leung Chun Ying said the initiative could benefit many territories and organizations.

"The action plan says the Belt and Road Initiatives are open to all countries and organizations because seeking common prosperity is the prime objective of the initiatives," he said.